ISC To Hold Spending As Revenue, Earnings Projections Decrease
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Cobb Theaters At Daytona Live Complex Have
Signed On As The Facility's Anchor Tenant |
ISC officials yesterday said that ISC "will hold the line on spending for the coming year in light of projections for less revenue and earnings" in '09, according to Joe Crews of the Daytona Beach NEWS-JOURNAL. ISC "anticipates revenue" of $745-765M in '09 and earnings of $2.35 to $2.45 per share. ISC CFO Dan Houser said that those figures are "slightly below the expected results" of $780-785M in revenue and $2.80-2.85 earnings per share for '08. Houser said that ISC expects $65-70M in capital expenditures in '09, "not including about $15[M] in spending" for Daytona Live, an office, retail and dining complex the company is building in partnership with Cordish Co. Houser: "The office building, which is fully financed, is under construction with a scheduled opening in the fourth quarter of 2009. The retail, dining and entertainment phase is expected to come online in 2010." Cordish is "actively marketing the nonoffice phase of Daytona Live! with Cobb Theaters already signed on as its anchor tenant." Houser said that ISC officials are "'encouraged' by the interest potential tenants have shown despite the current economic situation." Meanwhile, ISC Senior VP/Marketing & Business Operations Roger VanDerSnick said that the company is "continuing to attract corporate sponsors, despite the country's financial climate." The company has "four open sponsorships in its Sprint Cup series for 2009, compared with six at this time last year, and three open sponsorships in the Nationwide series, versus four at this time last year" (Daytona Beach NEWS-JOURNAL, 12/11). At presstime, ISC shares were selling at $27.89, up 0.94% from yesterday's close of $27.63 (THE DAILY).
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